Nigeria/ AfDB releases $80 million to finance Ekiti Knowledge Zone project in Nigeria, to boost digital innovation

In the heart of Nigeria's Ekiti State, a revolutionary initiative is taking shape: the Ekiti Knowledge Zone (EKZ), a bold plan to transform the region into a hub of digital innovation and the knowledge economy.

The African Development Bank has pledged to provide a loan of 80 million US dollars for this pioneering state-led economic zone, designed to bring together educators, researchers, innovators, entrepreneurs and industry on a single site.

More than just a project, the Ekiti Knowledge Zone promises to be a place where ideas converge, creativity flourishes and dreams take shape. The Ekiti State Government is committing $14.8 million in matching funds to complete the $94.8 million project.

In April 2023, the Federal Government of Nigeria granted the project "free zone" status under the Nigeria Export Processing Zones Authority (NEPZA) Act. This enables private investors to benefit from numerous incentives: free land, tax exemptions and import and export duty waivers, creating an environment conducive to investment and innovation.

Spanning 40 hectares, the EKZ aims to catalyze digital entrepreneurship, creating 26,000 jobs and injecting $14 million a year into the economy once the project is completed.

The project will develop world-class infrastructure, create a 20-hectare green technology park and provide roads, electricity, water and wastewater services. It will also invest in human capital, particularly young people. With information and communication technology training projects for over 19,000 young people in Ekiti and neighboring states, the EKZ will sow the seeds of future entrepreneurs and business leaders.

The EKZ seeks to attract companies, including technology start-ups, business process outsourcing companies, manufacturing and production companies, research institutes and corporate back-office activities, to locate in the zone. An incubator program will support promising start-ups with pre-seed and seed financing provided by the Ekiti Innovation Fund. The project will attract leading private sector investors to form a special purpose vehicle that will enable multiple investors to pool funding and manage the zone's operations.

What sets the EKZ apart is not just development, but also innovation, capitalizing on the competitive advantage of Ekiti State and the Ekiti region.Ekiti State and the presence of five higher education institutions in the Ekiti educational quadrilateral. Ekiti State is home to Federal University Oye Ekiti, Ekiti State University, Bamidele Olumilua University of Education, Science and Technology, Afe Babalola University and Federal Polytechnic, as well as more than 30 universities in the neighboring states of Kwara, Kogi, Ondo and Osun, which constitute a vast talent pool.

The EKZ fits perfectly with the Bank's "Jobs for Youth in Africa" strategy, which aims to strengthen links between academia and industry in order to nurture entrepreneurial talent and develop a skilled workforce that meets the needs of employers.

"It'sexciting to see that the efforts we undertook a few years ago, during my tenure, to make Ekiti Nigeria's knowledge economy and the destination of choice for innovation, technology, artificial intelligence, science and technology, are now paying off.artificial intelligence, science and digital initiatives, are beginning to bear fruit," hailed the former Governor of Ekiti State and former Chairman of the Nigeria Governors' Forum, Kayode Fayemi.

As the EKZ takes shape, it is a testament to the power of collaboration, innovation and foresight. "It's a beacon of hope for young people, a testament to our commitment to innovation, job creation and sustainable economic growth.It is acommitment to a better future for our state and for Nigeria," said Ekiti State Governor Biodun Oyebanji.

Source: www.agenceecofin.com/